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Appalachian State University ECO 2040 Quiz 5: Business Cycles, Unemployment, and Inflation 1)The following items describe the responses of four individuals to a Bureau of Labor Statistics (BLS) survey of employment
Which individual(s) would be included in the calculation of the natural unemployment rate?
2. A person’s real income will increase by 3% if her nominal income:
3. A recession is a decline in:
4. The rate of unemployment when the economy is at its potential output is called the:
5. Over a ten-year period, the Consumer Price Index doubled. On the basis of this information and using the rule of 70, we can say that the average annual rate of inflation over this period was approximately:
6. The total population of an economy is 175 million, the labor force is 125 million, and the number of employed workers is 117 million. The unemployment rate for this economy is:
7. The Consumer Price index was 170 in one year and 180 in the next year, then the rate of inflation is approximately:
8. If year 2 is the base year, the price index for year 3 is:
9. During the Great Depression of the 1930s, U.S. real GDP fell by about percent, in comparison to the percent decline during the Great Recession of 2007-09.
10. The Consumer Price index for a certain year is 120, this means that the average price of consumer items in that year was:
11. Okun’s law indicates that for:
12. For a person to keep his real income steady at a certain level from one year to the next, his nominal income must:
13. Which of the following is the correct way to calculate the unemployment rate?
14. Which of the following measures the changes in the prices of a "market basket" of some 300 goods and services purchased by typical urban consumers?
15. If the price index in year A is 130, this means that:
16. In Year 1, the price level was 120 and the average nominal income was $30,000. In Year 2, the price level was 125 and the average nominal level of income was $32,000. What happened to real income from Year 1 to Year 2?
17. A statement that is often used to describe demand-pull inflation is:
18. The unemployment rate is interpreted as the percentage of the:
19. The Great Recession that started in 2007 was triggered by shocks in which of the following economic sectors?
20. If the total population is 200 million, the labor force is 100 million, and 92 million workers are employed, then the unemployment rate would be:
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